AGN Live Country Guides

Doing Business in United Kingdom

Published in March 2020

England, Scotland and Wales (Great Britain) together with Northern Ireland comprise the United Kingdom (UK).

The UK's economy is the sixth largest economy in the world and the second largest in the European Union (EU). The country is a globally important influencer, being one of the five permanent members of the UN Security Council, a founding member of NATO and of the Commonwealth, and a member of the G7 and G20 economic forums. The country pursues a global approach to foreign policy. 

The UK withdrew its membership of the EU on 31 January 2020 and until 31 December 2020 is operating within an implementation period. During this time the UK will negotiate its future with the EU, including its trade agreements. 

Also during this period, EU law continues to apply in the UK and passporting continues. Any new EU legislation passed in the period will apply to the UK. Essentially this means business as usual until 31 December 2020, by which time there should be more clarity on the UK’s position.

The UK had an estimated 66.87 million people in 2019, with $2,824,850 million GDP (2019) and growth of 1.4%. The inflation rate is currently around 1.8 % and nominal GDP per capita is $41,030.2 (2019 est.). The currency is the Great Britain Pound, GBP.

In 2019 the United Kingdom was the 10th largest export economy in the world and the 11th most complex economy according to the 2017 Economic Complexity Index (ECI). The top UK exports in 2019 were machinery (including computers), cars, gems (precious metals) and mineral fuels including oil. 

The UK’s service industries include the retail sector, the financial sector, the public sector, business administration, leisure and cultural activities. In 2018, the service industries accounted for 81% of total UK economic output (Gross Value Added). Services accounted for 84% of workforce jobs in September 2019.

The UK is the largest market in the world for U.S. service exports. Major categories of US exports to the UK are aerospace products, precious metal and stone (gold), machinery, mineral fuels, and electrical machinery  , biomass, cyber security, medical equipment, new build civil nuclear, certain consumer goods such as pet products, smart grids, sustainable construction, travel and tourism.
 
This portal incorporates live data feeds from:

The Organisation for Economic Cooperation and Development (OECD)
The World Bank
The observatory of Economic Complexity

The intention is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.

 

 

 

Use the navigation buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

OECD Country Comparison Portal

The window below is a direct feed of regularly updated information from the OECD. It provides data concerning everything from GDP growth, fiscal balance, investment, and unemployment rates to consumption, import volume and export volume. The window allows comparisons between UK and other countries of the OECD average for these factors.

Inflation (CPI)

Total, Annual growth rate (%)

World Bank Development Indicators

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from UK.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into UK.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from UK.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities in the UK:

BIG TAX INCENTIVES TO LIVE, WORK AND INVEST IN ITALY! 
     (February 2020)

The Italian Government has introduced measures intended to encourage workers and entrepreneurs to move to, and invest in, Italy:
  • HIGH NET WORTH INDIVIDUALS – 100K€ LUMP SUM TAX 
  • SPECIAL TAX REGIME FOR WORKERS AND (INDIVIDUAL) ENTREPRENEURS TRANSFERRING THEIR RESIDENCE TO ITALY
  • 7% FLAT TAX FOR FOREIGN PENSIONERS TRANSFERRING THEIR RESIDENCE TO ITALY

For further information and take action, please contact us.

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BREXIT 3: AN UPDATE – WHERE TO NOW?       (December 2019)

The UK’s new Conservative-led government now has a clear parliamentary majority of 80 seats to enable it pass into law the Brexit Withdrawal Agreement (the ‘Deal’) by the deadline of the 30 January 2020.

So it would seem the election result has brought some clarity. Or has it?

On the 12 December 2019 the Conservative party won Britain’s General Election with a large majority and thus with it the power to fulfill their pledge to secure parliamentary approval of the Brexit Withdrawal Agreement by Christmas and leave the EU by 31 January 2020.

Despite the positive initial reactions of capital and currency markets, as well as they party’s election slogan “Get Brexit Done”, this isn’t the end of the matter. That is because the Withdrawal Agreement contains only the legalities around the divorce of Britain from the EU. It does not cover the future relationship.

So in fact, this is probably only the end of the beginning of the Brexit process. Prime-Minister Boris Johnson now has until December 2020 to agree a favorable forward-looking trade deal with the EU. Although he has until 30 June 2020 to ask for a further extension of Britain’s regulatory transition (standstill) period with the EU, Mr Johnson insists he will not ask for any extension. If a deal is not reached, Britain would then revert to World Trade Organisation tariffs and rules (i.e. a ‘No Deal’ or Hard Brexit).

Thus we are likely looking at another cliff edge deadline. Trade deals historically have taken years to deliver, but there are only some 6 months until the 30 June deadline. Perhaps because negotiations are not starting from scratch (it being a case of altering trade arrangements that are already in place) the PM must presumably be confident that a deal can be reached within this time, and is said to be looking as the so-called “Canada-plus” model.
Find AGN Firms prepared to serve you

BREXIT: UNCERTAINTY IS THE WATCHWORD, BUT INVESTMENT OPPORTUNITIES STILL EXIST!      (May 2019)

The Brexit leave date has come and gone and the future of the UK relationship with the EU is plagued with uncertainty which looks set to continue - but with a new deadline of Oct 31 2019.   

MORE OF THE SAME - WHAT TO SAY TO BUSINESS LEADERS? 

The UK Prime Minister's resignation only serves to confirm the now familiar message to business i.e. that they must continue to plan for uncertainty:
  • In the near term, consider exposure to possible disruptions in movement of good/services for both suppliers and customers, model scenarios of price changes (whether through logistical costs, tariffs & taxes or exchange rate movements) and consider if changes in mobility of people might impact the workforce or customer base.
  • Thereafter, think about scenarios for the possible opening up and closing down of opportunities in various markets, how the competitive landscape might alter and, perhaps in addition to planning for the downside, consider what upsides might present themselves?     
Find the firm best prepared to serve you

Tax Publications

TAX CARDS 2019

A summary of tax facts of countries in the EMEA region


Check how relevant taxes are regulated in several countries in Europe, Middle East and Africa. Updated in May 2019.

read full publication

AGN News in Europe:

October 2020

Press Release: Polish Firm Joins AGN Membership




AGN International – one of the world’s leading associations of independent certified public accounting and consulting firms, announces that JRD has joined its membership in the EMEA region. The Polish firm provides complete and practical solutions related to audit, tax, legal and accounting services for international enterprises. Clients consist of entrepreneurs, small and medium enterprises and corporate customers. 

Read the Press Release

July 2020

AGN Global Business Voice: The Increased Business Risks Posed by Social Media as Covid-19 Forces Remote Working




As COVID-19 drives businesses to embrace remote working, the use of social media is expanding. However, many SMEs across the world are unaware of the associated business risks. In this edition of the AGN Global Business Voice, we take a look at how SMEs deal with their social media activities – through the lens of our panel of 46 business advisers/firms across the world.

Get the Results

AGN Firms in the country


United Kingdom
BKL
35 Ballards Lane
London N3 1XW
Time Zone:
Phone: +44 (0)20 8922 9222
EMail: lee.brook@bkl.co.uk
Contact Partner: Mr. Lee Brook
Chiene + Tait LLP
61 Dublin Street
Edinburgh EH3 6NL
Time Zone: GMT
Phone: (+44) 13 1558 5800
EMail: jeremy.chittleburgh@chiene.co.uk
Chiene + Tait LLP
3rd Floor
126 West Regent Street
Glasgow Scotland G2 2RQ
Time Zone:
Phone: (+44) 14 1222 5980
EMail: jeremy.chittleburgh@chiene.co.uk
Contact Partner: Jeremy Chittleburgh
Chiene + Tait LLP
Fairways House
Fairways Business Park
Inverness Scotland IV2 6AA
Time Zone:
Phone: (+44) 14 6322 7490
EMail: jeremy.chittleburgh@chiene.co.uk
Chiene + Tait LLP
15 Old Bailey
London EC4M 7EF
Time Zone:
Phone: (+44) 20 3178 6825
EMail: carol.flockhart@chiene.co.uk
Dafferns LLP
One Eastwood
Binley Business Park
Coventry West Midlands CV3 2UB
Time Zone:
Phone: +44 2476 221046
EMail: martin.gibbs@dafferns.com
Leonard Curtis Business Solutions Group (Birmingham)
85-89 Colmore Row
Birmingham B3 2BB
Time Zone:
Phone: 0044 (0) 121 200 2111
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Bristol)
40 Queen Square
Bristol BS1 4QP
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Cardiff)
Sophia House
28 Cathedral Road
Cardiff
Time Zone:
Phone: 0044 (0) 2921 921 660
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Barlborough)
22 Gander Lane
Barlborough
Chesterfield S43 4PZ
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Darlington)
Business Central
2 Union Square
Darlington DL1 1GL
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Glasgow)
4th Floor
58 Waterloo Street
Glasgow G2 7DA
Time Zone:
Phone: 0044 (0) 141 212 2060
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Kings Langley)
Monaco House
Unit 1 Monaco Works
Station Road
Kings Langley WD4 8LQ
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Leeds)
6th Floor
36 Park Row
Leeds LS1 5JL
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Liverpool)
6th Floor
Walker House
Exchange Flags
Liverpool L2 3YL
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group
Level 5, The Grove
248a Marylebone Road
LONDON NW1 6BB
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Manchester)
Tower 12
18/22 Bridge Street
Spinningfields
Manchester M3 3BZ
Time Zone:
Phone: 0044 (0) 161 831 9999
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Preston)
20 Roundhouse Court
South Rings Business Park
Bamer Bridge
Preston PR5 6DA
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Southampton)
Enterprise House
Ocean Village
Southampton SO14 3XB
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Sunderland)
112 High Street West
Sunderland
Tyne and Wear SR1 1TX
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Bury)
Leonard Curtis House
1A Elms Square
Bury New Road
Whitefield M45 7TA
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Wolverhampton)
Regent House
Bath Avenue
Wolverhampton WV1 4EG
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Leonard Curtis Business Solutions Group (Worcester)
40-41
Foregate Street
Worcester WR1 1EE
Time Zone:
Phone: 0044 (0) 207 535 7000
EMail: hello@lcbsg.co.uk
Meaden & Moore, LLP
Lloyds Avenue House
6 lloyds Avenue
London EC3N 3AX
Time Zone: GMT
Phone: +44 (0) 20 7680 1131
EMail: meadenmoore@meadenmoore.com
Shipleys LLP
10 Orange Street
Haymarket
London WC2H 7DQ
Time Zone:
Phone: (+44 20) 7312 0000
EMail: advice@shipleys.com
SHIPLEYS LLP - Godalming
3 Godalming Business Centre
Woolsack Way
Godalming GU7 1XW
Time Zone:
Phone: (+44 1483) 423 607
EMail: godalming@shipleys.com